LIC Jeevan Rakshak Plan 827 Calculator

Life insurance is an important step in securing the financial future of your loved ones. The LIC Jeevan Rakshak Plan 827 is one such plan that combines the benefits of insurance protection along with savings.

What is LIC Jeevan Rakshak Plan 827?

LIC Jeevan Rakshak Plan 827 is a traditional endowment assurance plan offered by the Life Insurance Corporation of India (LIC). It provides financial protection to the policyholder’s family in the event of the policyholder’s untimely death and offers a lump sum amount on maturity if the policyholder survives the policy term. This plan is also known as a “with-profits” non-linked plan, meaning it participates in the profits (bonuses) declared by LIC.

To help policyholders better plan their finances, LIC provides a premium and maturity calculator specific to this plan. This calculator enables you to estimate your expected premium payments and the maturity amount payable at the end of the policy term, based on your age, policy term, sum assured, and other details.

Launch Date: August 19, 2014
Withdrawal Date: November 1, 2019

Though the plan has been withdrawn for new business, understanding its benefits, features, and how the calculator works remains valuable for current policyholders or those comparing similar products.​

Understanding LIC Jeevan Rakshak Plan 827 – Key Details

Plan Type and Classification

• This is an endowment assurance plan (Plan No. 827) that provides both protection and savings.
• It is a non-linked, with-profit plan — participating in dividends or bonuses declared by LIC.

Eligibility Criteria

• Minimum age at entry: 8 years (completed)
• Maximum age at entry: 55 years (nearest birthday)
• Maximum maturity age: 70 years
• Policy terms available: 10, 15, or 20 years
• Sum Assured range: Rs. 75,000 to Rs. 2,00,000

Premium Paying Mode

• Premiums can be paid annually, half-yearly, quarterly, or monthly.
• Policyholders can avail rebates for yearly and half-yearly premium payments.

Maximum Sum Assured

• The plan allows a maximum sum assured of Rs. 2,00,000 per individual.

Key Features of LIC Jeevan Rakshak Plan 827

Death Benefit

The death benefit is designed to support your family financially in case of your untimely demise during the policy term. The amount payable upon death is the highest of:

• Basic Sum Assured
• 10 times the annualized premium
• 105% of all premiums paid till date

If the death occurs after 5 policy years, the death benefit also includes Loyalty Additions (bonuses) declared by LIC.

Maturity Benefit

If the policyholder survives the policy term, the maturity benefit includes:

• Basic Sum Assured
• Loyalty Additions (if any)

This maturity amount is paid as a lump sum on completion of the policy period.

Bonuses and Loyalty Additions

The plan participates in the profits of LIC and bonuses (Loyalty Additions) are declared depending on the company’s performance. These bonuses are added to the maturity amount and death benefits if the policy lasts beyond 5 years.

Loan Facility

Policyholders can avail loans against this policy after paying premiums for 3 full years. This can provide financial support in times of need.

Surrender Value

If the policyholder surrenders the policy before maturity, the policyholder may receive a surrender value, which is generally a percentage of all premiums paid minus any applicable charges. No Loyalty Additions are payable on surrender.

Benefits of LIC Jeevan Rakshak Plan 827

• Financial Security: Provides a financial safety net for your family in case of unexpected death.
• Savings Opportunity: Helps build a corpus through bonuses and maturity proceeds.
• No Medical Examination: Offered without medical tests for standard lives under the non-medical limit.
• Rebates Available: Discounts on premiums are available if paid yearly or half-yearly.
• Loan Facility: Helps meet urgent financial needs through loan availability after 3 years.

How to Use LIC Jeevan Rakshak Plan 827 Calculator?

The LIC Jeevan Rakshak Plan 827 calculator is an easy-to-use online tool designed for policyholders to estimate the premium payable and the maturity benefits they can expect.

What Details Do You Need to Enter?

• Your age
• Policy term (duration of the plan)
• Basic sum assured amount
• Mode of premium payment (yearly, half-yearly, quarterly, or monthly)
• Whether you want to include riders like Accident Benefit Rider (if applicable)

How Does the Calculator Work?

The calculator uses the above details to compute:

• Annual or periodic premium you need to pay
• Total premiums payable over the policy term
• The maturity value including the basic sum assured plus estimated loyalty additions
• Death benefit values based on the sum assured and premiums paid

Example Calculation Walkthrough

Suppose a 35-year-old person opts for a 20-year policy term with a sum assured of Rs. 2,00,000 and chooses to pay yearly premiums. The calculator will show:

• Annual premium amount payable
• Total premium to be paid over 20 years
• Estimated maturity amount including loyalty additions
• Death benefits payable, with details on calculations if death occurs before or after 5 years

Such examples help policyholders to understand their commitment and the benefits they stand to receive, making informed financial decisions easier.

Important Dates for LIC Jeevan Rakshak Plan 827

• Launch Date: August 19, 2014
  LIC introduced the Jeevan Rakshak Plan 827 as a new endowment assurance plan on this date with the intention of providing a secure long-term savings and protection product for customers.
• Withdrawal Date: November 1, 2019
  LIC withdrew this plan from new sales on this date. However, policies issued before withdrawal continue to enjoy all benefits and riders.

For the latest plans and offerings, LIC regularly updates its product portfolio. You can visit the official LIC website or trusted insurance portals for the newest plan details and calculators.

Frequently Asked Questions

Conclusion

LIC Jeevan Rakshak Plan 827 is a traditional life insurance plan that offers both protection and savings with added bonuses. Although the plan is withdrawn for new customers, it remains relevant for existing policyholders and those seeking to understand traditional LIC endowment plans.

Using the LIC Jeevan Rakshak Plan 827 calculator online, you can easily estimate your premiums and expected benefits, simplifying the planning process. Understanding key features such as death benefit options, maturity benefits, and loan provisions can help you make informed choices for your financial security.